Crypto news

Bitbuy partners with Canadian crypto ATM company, Localcoin.

WonderFi, a Canadian fintech corporation supported by billionaire Kevin O’Leary, has revealed a strategic partnership between Bitbuy and Localcoin ATM, a cryptocurrency ATM provider.

The collaboration, announced on September 18, aims to enhance Localcoin’s crypto ATM services across Canada by integrating Bitbuy’s exchange platform and leveraging its substantial liquidity, as stated in a press release from WonderFi.

After being acquired by WonderFi in January 2023 for nearly $162 million (206 million Canadian dollars), Bitbuy became the first cryptocurrency exchange in Canada to secure complete regulatory approval.

Localcoin, reputedly boasting the largest cryptocurrency ATM network in the country, operates around 900 machines, accounting for approximately 33% of the national total.

With Canada’s overall adoption standing at approximately 2,700 machines, the country ranks second only to the United States in terms of total cryptocurrency ATM usage, as stated in the press release.

Bitbuy Partners with Localcoin to Expand Digital Asset Services Across Canada’s Bitcoin ATM Network

In line with the press release, this partnership will enable Bitbuy’s digital asset services to encompass almost 50% of Canada’s Bitcoin ATMs.

In 2023, the Ontario Securities Commission CEO, Grant Vingoe, expressed the regulator’s belief that over 30% of Canadians plan to acquire crypto assets, despite the departure of several crypto companies from the market.

While ByBit and Binance have recently exited the Canadian cryptocurrency landscape due to regulatory changes, WonderFi CEO Dean Skurka mentioned last month that the enhanced regulatory clarity in Canada is attracting institutional investors towards cryptocurrencies and digital assets.

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